The global market for Hand Tools & Accessories is forecast to reach US$24.3 billion by 2025, driven by their continued relevance in building, shaping, repairing and maintaining an increasingly mechanical and engineered world. A key newsworthy trend in the market is the growing focus on cutting edge design innovations in tool ergonomics especially against the backdrop of a highly mature and commoditized market boxed in by competition from power tools. Growing incidence of work-related musculoskeletal disorders and focus on worker productivity in light manufacturing that require manual assembly are also driving the emphasis on occupational ergonomics. Mechanics’ service tools are witnessing robust demand supported by aging plant infrastructure in most industries and increased load and frequency of maintenance and repair of industrial machinery; strong demand for automotive aftermarket repair and maintenance services; and expanding aircraft fleet and growth in aircraft MRO services; stable construction industry, higher employment rate of construction workers and a parallel increase in demand for masonry and plumbing tools. In the automotive industry which is a major end-use of mechanic hand tools, the growth in aftermarket services is guided by growing global vehicle population (PARC); rising awareness among vehicle owners over the importance of timely maintenance; adoption of remote vehicle diagnostics systems which encourage timeliness of car maintenance and repair; growing base of fleet vehicles which have higher wear and tear associated with higher annual vehicle miles traveled; and increasing sales of used cars in emerging markets. Other major factors influencing growth in the market include growing popularity and value of multitask hand tools for their ability to reduce redundancy associated with standard tool collections; robust demand for manual torque tools in manipulating new generation materials such as ceramics; growing Do-It-Yourself (DIY) home improvement activity in developed countries against the back of rising labor costs and the resulting increase in sales of packaged DIY tools ranging from wrenches, screw driver and hammers.  Read More…

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